Pi Network has been integrated with Telegram's cryptocurrency wallet, potentially gaining access to a massive new customer base. Telegram CEO Pavel Durov claims that the messaging app will surpass 1 billion monthly users by 2025.
As a result, Telegram users can now purchase PI through the app's integrated cryptocurrency wallet. This increases the token's visibility, but Pi Network still lacks listing on top-tier exchanges like Binance and Coinbase, which could enhance its market credibility.
Pi Network on Telegram
PI explosively entered the cryptocurrency market, surging nearly 100% in its first week and reaching $2.92 on February 27th. However, the altcoin has since experienced continuous liquidation. Reviews from major exchanges are delaying primary listings, and demand has significantly decreased.
However, today's Telegram integration provides some hope to the PI community.
Integration with Telegram's cryptocurrency wallet is particularly beneficial for Pi Network for several reasons. Telegram CEO Pavel Durov was released this month after being arrested in August 2024. After resuming activities, he posted notable statistics about the platform's user base:
"Telegram now far exceeds 1 billion monthly active users, becoming the second most popular messaging app globally, excluding WeChat in China. User engagement is increasing, and our revenue growth is explosive. We are just getting started." – Pavel Durov, Telegram CEO
In other words, Pi Network can now reach Telegram's 1 billion users, at a time when the average user spends 41 minutes on the platform daily. This could represent a potentially massive pool of new customers, with Pi fans calling it "a historic step towards mass adoption of decentralized finance".
However, while Telegram's cryptocurrency features are increasing in usage, they are still not widely utilized. Despite today's announcement, PI's price has dropped over 25% in the past week. This reflects a decrease in consumer interest in the project.
While major cryptocurrency exchanges like Binance and Coinbase remain hesitant about Pi Network, Telegram has a substantial user base of its own. If the project can convince a significant number of these users to invest, it would be a major achievement.
However, if not, Pi Network's losing streak may continue for the foreseeable future.
